08 Feb '12, 1pm

Employers' contributions to older workers' CPF to be raised: PM Lee

Employers' contributions to older workers' CPF to be raised: PM Lee

SINGAPORE: Prime Minister Lee Hsien Loong said employers' contribution rates to the Central Provident Fund for older workers have to go up, but added that any increases will have to be gradual. Mr Lee revealed this at a pre-Budget dialogue with unionists last week. Currently, CPF contribution rates are cut when workers reach 50 years old, and cut further when they turn 65. The labour movement, NTUC, has been calling for this to be reviewed. The call also comes at a time when Singaporeans are being encouraged to work beyond their retirement. Mr Lee said the government is discussing the matter with unions and employers. But cost is a consideration. He noted, for instance, that a larger proportion of older workers kept their jobs during the recession because their CPF was lower and so they were cheaper to retain. The government's concern is that once older workers lose their ...

Full article: http://www.channelnewsasia.com/stories/singaporelocalnews...

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